Auctus on Friday - 05/08/2022

AUCTUS PUBLICATIONS ________________________________________ Longboat Energy (LBE LN)C; Target price of £1.60 per share: Spudding high impact well in Norway – Drilling operations at the Oswig exploration well (Company 20%) have commenced. The well is targeting the Tarbert and Ness formations, two separate intervals which are estimated to contain combined gross unrisked mean resources of 93 mmboe (19 mmboe net to Longboat). The Oswig geological chance of success is estimated to be 36% and the key

Auctus on Friday - 24/06/2022

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Gearing-up to drill a 800 bcf prospect in 6-12 months – ADX is looking to drill the Welchau prospect in Austria in the next 6-12 months. The well is ~1,100 m deep (TVD) and is expected to cost only ~US$ 4 mm, which could probably be funded from ADX’s own balance sheet or with a farm-in partner. The prospect is expected to hold ~650 bcf of natural gas plus 26 mmbbl of condensate (2U) with a downside case of ~170 bc

Hybridan Small Cap Feast 27/05/22

Joiners: No Joiners Today. Leavers: No Leavers Today. What’s cooking in the IPO kitchen? According to news reports, The Very Group, is looking to float after calling off their plan for a £4bn IPO last year due to a volatile market. The ecommerce group is owned by the Barclays family. According to the Sunday Times, the retailer has offered incentives to senior leaders at the firm for pulling off a flotation, which the Barclays family now hope to get underway in mid-2023. Psych Capital PLC, intend

Auctus on Friday - 27/05/2022

AUCTUS PUBLICATIONS ________________________________________ Calima Energy (CE1 AU)C; Target price of A$0.75 per share: Becoming a dividend player - Calima intends to commence a half yearly dividend programme, beginning in 2H22 with first payment in 1H23. The initial half yearly dividend has been set at A$2.5 mm (~A$0.04 per share). On an annualized basis, this represents a 4.1% yield. The company also intends to undertake a share buy back programme for up to 10% of its issued capital in any 12

Hybridan Small Cap Feast 09/03/2022

Dish of the day Joiners: Invinity Energy Systems plc (AIM:IES), a leading global manufacturer of utility-grade energy storage has dual listed on the Aquis Stock Exchange. Leavers: No leavers today. What’s cooking in the IPO kitchen? New Energy One Acquisition Corporation Plc, intends to float on Main Market. NEOA is a special purpose acquisition company incorporated in the United Kingdom that has been established to focus on pursuing a Business Combination with targets that are positioned to par

Hybridan Small Cap Feast 04/03/2022

Joiners: More Acquisitions (TMOR.L) has joined the Main Market (standard) raising £1.2m. The Company was formed to undertake one or more acquisitions of a majority interest in a company or business. Any such acquisition undertaken by the Company will be treated as a reverse takeover for the purposes of Chapter 5 of the Listing Rules. The directors intend to search initially for acquisition opportunities in the energy transition sector. Energy transition refers to the global energy sector's shift

Auctus on Friday - 04/03/2022

AUCTUS PUBLICATIONS ________________________________________ Vaalco Energy (EGY LN/CN)C; Target price increased from £4.80 per share to £5.30 per share: Very large reserves increase – YE21 SEC proved reserves were 11.2 mmbbl, up 250% compared to YE20 (3.2 mmbbl). This large increase reflects (1) a 5 mmbbl addition associated with improved well performance, field-life extension related to cost savings from the replacement Floating, Storage and Offloading vessel, and the addition of proved undevel

Auctus on Friday - 17/09/2021

AUCTUS PUBLICATIONS ________________________________________ PetroTal (PTAL LN/TAL CN)C; Target of £0.65 per share: Latest well flows >7.6 mbbl/d. Sales pipeline back on line – The latest horizontal well (BN-8H) has achieved a ten day initial oil production rate of ~7.6 mbbl/d. This is materially above our expectations of ~5 mbbl/d. As a result, current oil production is ~ 15.4 mbbl/d, also above our expectations of >13 mbbl/d. This is a very good result and, with another development well due to

Auctus on Friday - 21/05/2021

AUCTUS PUBLICATIONS Bahamas Petroleum Company (BPC LN)/Challenger Energy Group (CEG LN)C; Target of 1.20p per share: Completing financing – BPC has raised £6.9 mm of new equity. This is an important step for the company to fund the upcoming work programme. The key near term newsflow is the drilling of the saffran#2 appraisal well that could derisk ~11 mmbbl. The company has now changed its name to Challenger Energy and will trade under the ticker of “CEG LN”. GeoPark (GPRK US)C; Target price

Oil & Gas Daily Flow

Phoenix Global Resources (PGR) – Production falls 38.5% as Argentine shutdowns hit hard | Star Phoenix Group (STA LN): Prudent approach to capital discipline

Auctus on Friday - 09/10/2020

SDX Energy (SDX LN)C; Target price £0.45 per share: Growing the prize, accelerating drilling - Sales in Morocco are now almost back to pre COVID 19 levels (90%). This is important for cash flow. SDX has now mapped additional prospects on the South Disouq license, resulting in gross prospective resources increasing by 139 bcf to 233 bcf. Drilling in Egypt is being accelerated to start in 2Q21 with two initial wells targeting 165 bcf, including the new Hanut prospect with 139 bcf gross prospective

Auctus on Friday - 26/06/2020

PetroTal (PTAL LN/TAL CN)C; Target: £0.45: Initiating coverage – PetroTal is a production and reserve growth story in Peru with a market cap of ~£90 mm. Management’s experience of operating in the jungle and their deep in country relationships are key. Project execution has been excellent. The Bretaña field (48 mmbbl 2P reserves) was acquired from Gran Tierra in late 2017 with production of 1 mbbl/d achieved in 3Q18. By YE19 that figure had grown to >13 mbbl/d. While COVID-19 forced a shut down

Oil & Gas Daily Flow

Serinus Energy (SENX LN): 1Q20 results - strong financial and operational performance | Phoenix Global Resources (PGR LN): Mercuria agrees to amend convertible facilities agreement

AUCTUS MONDAY MORNING WEEKLY ROUND UP

Ascent Resources (AST LN): Entering Cuba | Diversified Gas and Oil (DGOC LN): Acquisition in the US | Phoenix Global Resources (PGR LN): Production shutdown and licence termination in Argentina | Premier Oil (PMO LN): Exiting Area A in Alaska following drilling results | Coro Energy (CORO LN) and Empyrean Energy (EME LN): Resources increase in Indonesia | Falcon Oil & Gas (FOG LN/FO CN): Farm out transaction in Australia | Oil Search (OSH AU): US$700 mm equity raise| Discovery in Norway | Baron

Oil & Gas Daily Flow

Tullow Oil (TLW LN): Not a merry Christmas at Tullow: CEO resigns, production guidance cut, dividend suspended | Rockhopper Exploration (RKH LN): Abu Sennan transaction update | Phoenix Global Resources (PGR LN): Strong operational update from PGR

LIBERUM: Sylvania Platinum* - FY22 annual dividend is 33% higher than our estimate

Union Jack Oil# - West Newton update

West Newton update

IOG - H1 2022 Results

H1 2022 Results

SHORE CAPITAL - SAVANNAH ENERGY+ (SAVE) - BUY at 25.4p – Strong interim results; Chad-Cameroon deal completion anticipated in Q4

Impressive H1 sees record interim dividend

A typically strong operational performance at Kounrad and materially higher realised zinc prices at Sasa versus the year-ago period helped CAML overcome industry-common cost inflation pressure to post a 16% increase in EBITDA and widen its margin to an impressive 63%. This in turn has given the group confidence to declare a record interim dividend of 10p, which annualised puts CAML on a compelling yield of 9%. Despite increasing metals markets volatility and the potential for further inflationar

Union Jack Oil# - West Newton CPR assessment

West Newton CPR assessment

IOG - Production update

Production update

Jersey Oil and Gas* - H1 2022 results and farm out update

H1 2022 results and farm out update

Central Asia Metals: Interim Results

Central Asia Metals (CAML LN) reported record H1 results on the back of robust production and higher commodity prices. H1 2022 net revenue of US$114m was up 13% YoY, EBITDA of US$75m was up 16% YoY and the EBITDA margin increased 2pp to 63%. An FX gain of US$7m, combined with the reductions in interest payments from debt reduction and higher profits meant net income was up 72% YoY to US$53m. With capex this year weighted to H2, the company’s free cash flow metric was up 7% YoY to US$52m enabling

Cenkos: Chariot Ltd -- Enabling the Energy Transition

Chariot has announced a partnership with Total Eren to jointly develop the Nour Project, a large-scale green hydrogen project to be located in Mauritania. The consortium will benefit from the dedicated expertise of Total Eren's team, holding a wide range of experience and knowledge in solar, wind, hybrid and green hydrogen projects globally. The involvement of Total Eren adds balance sheet strength and credibility to the project, whilst strengthening the existing relationship between Total Eren

Auctus on Friday - 30/09/2022

AUCTUS PUBLICATIONS ________________________________________ Challenger Energy (CEG LN): Discontinuing coverage - We are discontinuing coverage on Challenger Energy Group. Longboat Energy (LBE LN)C; Target price of £1.50 per share: 3-5 well programme in 2023. Increased resources estimate at Kveikje – There were no surprises in the 1H22 financials. The gross contingent resources estimates at Kveikje have been increased from 28-48 mmboe to 35-60 mmboe (2C-3C) based on a new CPR following post wel

Cenkos: Falcon Oil & Gas Ltd -- Origin Divests Beetaloo Interest

Falcon's Beetaloo JV partner, Origin Energy has announced its intention to exit all of its upstream exploration permits as part of a strategic decision to focus on cleaner energy and customer solutions. As part of this strategy, Origin has agreed to divest 100% of its interest in the Beetaloo Basin to a JV of Tamboran Resources and Bryan Sheffield for an upfront consideration of A$60m and a 5.5% royalty on future production from Origin's 77.5% working interest. At US$60m the upfront consideratio

SHORE CAPITAL - Union Jack Oil+ (UJO, 31p, House Stock) – Lifting of UK fraccing moratorium confirmed

Year-exit target rate in sight despite Kiln 3 challenges

H1 was a mixed half for Bushveld, the continuing strong performance of Vametco offset by unexpected challenges associated with the commissioning and subsequent ramp up of Kiln 3 at Vanchem. The latter has prompted the group to reduce full-year group production guidance (with unit cost expectations increased somewhat), though we still expect positive EBITDA for the full-year and H2 capex and debt repayment obligations look adequately covered. The year-exit production rate target of 5,000-5,400t p

Kistos PLC - Lionel Therond

We believe that an investment in Kistos PLC (Kistos) is an opportunity to invest alongside a proven and highly incentivised management team, into an acquisition vehicle with an established North Sea gas production footprint of sufficient size to leverage the current commodity price cycle and use its stock currency to drive further consolidation in the basin. We see further upside from current levels (+110%) based on our assessment of intrinsic value. The value creation credentials of Kistos'